offset

Offset

A contrary claim or demand that may cancel or reduce a given claim; a counterclaim. A kind of bookkeeping entry that counters the effect of a previous entry.

offset

1) n. also called a "setoff," the deduction by a debtor from a claim or demand of a debt or obligation. Such an offset is based upon a counterclaim against the party making the original claim. Example: Harry Hardhead makes a claim or files a lawsuit asking for $20,000 from Danny Debtor as the final payment in purchase of a restaurant; as part of his defense Debtor claims an offset of $10,000 for alleged funds owed by Hardhead for repairs Debtor made on property owned by Hardhead, thus reducing the claim of Hardhead to $10,000. 2) v. to counterclaim an alleged debt owed by a claimant to reduce the demand of that claimant. (See: counterclaim, defense, setoff)

The short-term impact of 2009/81/EC has been far-reaching, with Member States dismantling offset policies and restricting the role of national offset agencies, if not closing down their operations altogether.

Many European Member States are reluctant to give up offset and the economic benefits that it arguably provides.

The EC's solution to the perpetuation of national procurement is to promote open competition in the short-term, and in the long-term constrict and eventually eradicate offset.

Inevitably, therefore, these countries will look to employ offset on a case-by-case basis under the Article 346 waiver procedure.

In the interim, offset has not disappeared from the EU's defense acquisition landscape, but remains a divisive and controversial issue.

However, rather than this flexible approach, the EC has continuously worked on the presumption that offset carries a negative impact (13), but few empirical studies exist to unequivocally support this standpoint.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.